MEG Energy Corp. (OTCBB: MEGEF) rated to Equal Weight by Barclays
Barclays rated MEG
Energy Corp. (OTCBB: MEGEF) to Equal Weight.
MEG Energy Corp.
engages in the development and production of sustainable in situ oil sands in the southern Athabasca region of Alberta, Canada. The company is developing enhanced oil recovery projects that utilize steam assisted gravity drainage (SAGD) extraction methods. It owns 100% working interest in approximately 800 sections of oil sands leases, which includes the Christina Lake project and the Surmont project covering an area of 552,960 acres in the Athabasca region of northern Alberta. The company also holds a 50% interest in a dual pipeline system, which connects the Christina Lake project to a regional upgrading, refining, and transportation hub in the Edmonton area. As of December 31, 2010, it had 1.9 billion barrels of proved plus probable bitumen reserves and 3.7 billion barrels of contingent resources. MEG Energy Corp.
was incorporated in 1999 and is headquartered in Calgary, Canada.